Monday, January 12, 2015

Kiser Group Brokers Seven Apartment Property Sales; Hoffman Estates complex sells for $17.45 million; six closings in Chicago surpass $14 million

  
Salem Ridge Apartments, 600--750 North Salem Ridge Drive, Hoffman Estates, IL

                                                                                             

CHICAGO, IL (Jan. 12, 2015) – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces seven Chicago-area apartment sales valued at nearly $32 million that closed in the fourth quarter of 2014.

The sales include a 249-unit, three-building apartment complex in Hoffman Estates, Ill., and six Chicago properties including a 69-unit mid-rise in South Shore; a 77-unit, two-building portfolio in Hyde Park; a 34-unit walk-up in East Rogers Park; six-flat and a three-flat in Lakeview; and a 16-unit building in South Shore.

For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Marcus & Millichap arranges sale of tampa, fl gardens apartments for $3.55 million




Tampa Gardens Apartments, 1545 West Spruce Terrace, Tampa, FL
   
TAMPA, FL, Jan. 12, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tampa Gardens Apartments, a 135-unit apartment property located in Tampa, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb
The $3,550,000 sales price equates to $26,296 per unit.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Tampa Gardens Apartments is located at 1545 West Spruce Terrace in Tampa, Fla.  This 1960s vintage, Class “C”, apartment community is located on 4.42 acres within the heart of the West River Redevelopment Area in West Tampa.  Units are a mix of one-, two and three-bedroom floor plans averaging 820 square feet and housed in 12, two-story block constructed buildings with built-up flat roofs.

The West River Redevelopment Area encompasses 150-acres north of I-275 and west of the Hillsborough River near downtown Tampa, and will soon be redeveloped into a vibrant mixed-use neighborhood with upwards of 1,600 mixed-income, intergenerational rental and for-sale housing units. 

Luis Baez
 It will also include a series of waterfront parts, schools, enhanced pedestrian-friendly streetscapes and a commercial/entertainment district along the western edge of the riverfront. 

“Given the massive redevelopment plan for the area, the local buyer was attracted to Tampa Gardens as a future redevelopment play,” says Baez. 

 “Beyond that however, they also saw an opportunity to improve the asset both from a physical and a management standpoint, to generate current cash-flow yields that are significantly higher than what is generally being achieved in the broader commercial real estate marketplace. 

“Tampa as a whole is in a transformative growth stage right now and the West River Plan, combined with The Heights project, Tampa Housing Authority’s Encore project, and Jeff Vinik’s billion-dollar redevelopment downtown, is truly astonishing to watch and will catapult the City of Tampa to an altogether higher level,”  adds Babb.

For a complete copy of the company’s news release, please contact:

 Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700


Cobalt Capital Partners Announce the Sale of its Industrial Portfolio and Operating Platform to Colony Financial Inc. for $1.6 Billion


Lewis D. Friedland
IRVING, TX  /PRNewswire/ -- Cobalt Capital Partners announced that it has sold its highly diversified portfolio of 256 primarily light industrial assets for approximately $1.6 billion to Colony Financial Inc.

The portfolio is leased to over 600 tenants and comprises over 30 million square feet across 16 major U.S. markets, with significant concentrations in Atlanta, Dallas and Chicago.

Cobalt's management team, led by Lewis D. Friedland, has joined Colony to run the day-to-day operations of the business, including investments, asset and property management.

Friedland, former Managing Partner of Cobalt Capital Partners, said, "We're pleased to have executed this sale on behalf of our investor partners, including our long-time partner USAA Real Estate Company. 

"Our entire team has done an excellent job over the last ten years building this business into a leader in the industrial sector.

Len O'Donnell
“We're excited to be joining Colony, one of the real estate industry's premier companies, and look forward to continuing to grow our portfolio."

Len O'Donnell, CEO of USAA Real Estate Company said, "We are extremely pleased with this
transaction as it represents an outstanding outcome for the investors.

“ We are also very proud to have worked with Lew and his team in building the Cobalt platform over the last 10 years. 

"They have been great partners and they will be missed, but I know they will continue to be successful
with Colony."

Kristin Gannon
Cobalt was represented in the transaction by an Eastdil Secured team led by Steve Silk and Jay
Borzi,  the CBRE National Partners team led by Jack Fraker and Chris Riley, and Gannon Gerrity
Advisors, led by Kristin Gannon and Kevin Gerrity.

Locke Lord served as Cobalt's legal advisor

For a complete copy of the company’s news release, please contact:

Lewis D. Friedland
972-893-7000